Oct. 9, 2016
03:45 pm JST

The IMF “No sovereign bond left behind”: albeit its mandate include helping members to negotiate debt restructuring and orderly defaults, under Christine Lagarde the IMF has evolved into a machine whose whole strength seems devoted to avoiding the “dishonor” of a default, no matter the costs.
Given central banks such as the Bank of Japan buying up ever sovereign bond that isn’t nailed down and sequestering them in their virtual vaults, this is odd behavior.

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